Dynamic capability: A capability or a capacity?

Purpose. Purpose of the research is to analyze of the concept of dynamic capabilities aiming at formation of the correct terminology. Design/Method/Approach. This a conceptual paper is based on the academic literature analysis. Findings. The paper analysed the historical development of the concept of dynamic capabilities from the moment of introduction of this expression and till now. The study described the main theoretical struggles іn the concept, which can have influence on the correct understanding and, thus, translation. The two main academic discussions concerned with dynamic capabilities are reviewed. Different definitions of organizational capabilities are analyzed and their influence on the formation of the understanding of dynamic capabilities is performed. A set of most popular definitions of dynamic capabilities is offered in the work. Those definitions indicate different aspects of the currently running academic discussion on the concept. Theoretical implications. This paper is important for the academic discussion on dynamic capabilities in the Ukrainian academic segment, since an approach for unambiguous understanding of the terminology of this concept is proposed. Originality/value. Since different understandings of the concept of dynamic capabilities may mislead the translators from English into Ukrainian, the most appropriate translation terminology is proposed. Paper type – conceptual